Click Add to define the interest conditions for the credit product. The parameter details are as follows:
Interest type*
List
Select one of the following options:
Interest on purchase,
Interest on cash withdrawals,
Interest on amount over limit,
Interest on instalment plan termination.
Method*
List
Select one of the following interest calculation methods:
Actual/Actual - To get the monthly interest rate, divide the interest rate by the actual number of days in a year and multiply it by the actual number of days in a month.
Actual/365 - To get the monthly interest rate, divide the interest rate by 365 and multiply it by the actual number of days in a month.
Actual/360 - To get the monthly interest rate, divide the interest rate by 360 and multiply it by the actual number of days in a month. (By assuming that there are 360 days in a year.)
30/360 - To get the monthly interest rate, divide the annual interest rate by 360 and multiply it by 30. (By assuming that there are 360 days in a year with 30 days in each month.)
Min interest rate*
Number
Enter the minimum allowed interest rate for the credit product.
Max interest rate*
Number
Enter the maximum allowed interest rate value.
Default interest rate*
Number
Enter the default interest rate value.
Click Add to add more interest conditions. Click the cross icon to remove conditions.
